Posted on: 07th Sep, 2011 09:59 pm
Hi there… I'm 64 years of age and have really bad credit and less income. The home that I have is free and clear and is expensive. Can I get a reverse mortgage on my home?
Welcome Roufl,
Getting a reverse mortgage is not dependent on credit or income requirements. In order to get a reverse mortgage, the major criteria that you need to satisfy is that you should be 62 years of age and must occupy the home as your permanent residence. Mobile homes and co-ops are not eligible for reverse mortgages.
Getting a reverse mortgage is not dependent on credit or income requirements. In order to get a reverse mortgage, the major criteria that you need to satisfy is that you should be 62 years of age and must occupy the home as your permanent residence. Mobile homes and co-ops are not eligible for reverse mortgages.
The lender will give you a set portion of the value. Say your home is worth 1M, then lets say they will give you 60% max, or $600,000. You would be able to get 2 types of reverse, 1 is like a line of credit and you can draw against, of you get regular monthly installments. The older you are, the easier and more benefits you get. Reverses start at 62yrs, but full benefits are around 67-70 yrs old. Good luck.
Reverse Mortgages aren't credit dependent but they can quickly balloon out if you don't make pay them back at all. there's more info on reverse mortgages at any number of sites online including here at MortgageFit.